Vendor won’t accept offers until they’ve found a property

SJ85

After a year of looking, missing out and being messed about on trying to by our first house my partner and I have finally found a house we have a heart set on. The house is listed for 200 and we’ve submitted an offer of 196 after the the estate agents informed us that there were two offers already on the table in the 190 mark - The vendor showed us round the property and openly said she felt the others offers were too low so that’s why we went in higher.

However the estate agent is now saying that the vendor doesn’t want to accept any offers on the property until she’s found a place to move to and that the other offers on the table are now similar to ours even tho I asked when they were submitted and they’ve said they were put forward before our 196.

Anyhow the offer of 196 is being considered but they called me today to say that while she isn’t accepting any offers until she’s found a place if we were to offer 200 (the asking price) it should secure it.

I’m just worried that if we offer 200 what to stop them going back to the other offer and getting them to up there’s to get us into a bidding war.

Also why would a vendor list a property if they’re not going to accept offers? Is this a real thing or is the estate agent trying tactics to drive the price up. We don’t know whether to be patient or just offer the 200.

We’re first time buyers have a strong deposit and can move quickly but likewise would be happy for allow the vendor time to find a property.

Any advice?

Comms69

SJ85 wrote: »

After a year of looking, missing out and being messed about on trying to by our first house my partner and I have finally found a house we have a heart set on. The house is listed for 200 and we’ve submitted an offer of 196 after the the estate agents informed us that there were two offers already on the table in the 190 mark - The vendor showed us round the property and openly said she felt the others offers were too low so that’s why we went in higher.

However the estate agent is now saying that the vendor doesn’t want to accept any offers on the property until she’s found a place to move to and that the other offers on the table are now similar to ours even tho I asked when they were submitted and they’ve said they were put forward before our 196.

Anyhow the offer of 196 is being considered but they called me today to say that while she isn’t accepting any offers until she’s found a place if we were to offer 200 (the asking price) it should secure it.

I’m just worried that if we offer 200 what to stop them going back to the other offer and getting them to up there’s to get us into a bidding war.

Also why would a vendor list a property if they’re not going to accept offers? Is this a real thing or is the estate agent trying tactics to drive the price up. We don’t know whether to be patient or just offer the 200.

We’re first time buyers have a strong deposit and can move quickly but likewise would be happy for allow the vendor time to find a property.

Any advice?

Yes:


"My offer is on the table for exactly 2 weeks, after that it is withdrawn"


Until you exchange there is nothing to stop anyone changing their mind.

eddddy

Maybe their thinking is that they'll only move if they find the "right" property.

So they won't accept an offer until they find that "right" property.

(If that's the case, maybe it's better that they're up-front about it, rather than accepting your offer and then potentially withdrawing later, when they can't find anything.)


In your position, I would tell the EA that your offer is on the table, but you'll continue to look at other properties until it's accepted.

If you find another property you want to offer on, give them the ultimatum - "Either you accept my offer now and proceed, or I'll offer on this other property."

elsien

I'd take the whole "offer 200 and I'm sure they'll reconsider" spiel with a very large pinch of salt.

Mutton_Geoff

Find out what the house is really worth (proper valuation survey and local sold prices). Then consider if it was worth say £190k you are being asked to pay the current owners a £10k bribe to leave.


Don't be drawn into the vendors games. And never forget who the agent works for.

lookstraightahead

The vendors are wasting everyone's time. Who on earth do they think they are? What is the point of wasting people's time. Personally I would withdraw my offer and walk.

pinkteapot

Suspect they either:

1. Think they might as well leave it on the market until they've found somewhere, in case they get a higher offer. Or

2. Aren't that fussed about selling and will only move for the perfect (to them) house, so aren't fussed about having a buyer till they find it.

Either way, bad situation for you.

Be aware that you could increase your offer and still be waiting for this house in six months because they haven't found anything.

However, I wouldn't go as hardball as the others. If it's unique and genuinely better (to you) than others you've viewed at the same price, and you believe they'll be attracting more offers, I'd increase by the £4k they're asking for (it's 2% of the price after all) but say the offer is subject to your offer being accepted and the property being taken off the market.

Once they've accepted, you'll start being pushed to instruct a solicitor and apply for your mortgage. Do not do these things. Get quotes, pick a solicitor, and give the details to the EA so they can issue the Memorandum of Sale, but tell the solicitor you're not instructing them yet so they shouldn't do any work for you. Tell the EA that you have serious concerns that the vendors are motivated sellers and think they might dither over finding a property and never actually do it. Therefore, you won't incur any costs until the chain is fully formed. As soon as they've found a place, and the next person has, and so on, you'll instruct your solicitor and submit your mortgage application.

AnotherJoe

I certainly wouldnt bother with any more negotiations, it could be a long time, if ever, that they decide to move, leave your offer where it is, acknowledge that you haven't actually found your dream house because currently its not really for sale, and get back to looking in earnest.

Doozergirl

£4k isn't going to be the difference between them looking for a house and not.

An option is to explain to the agent that you're really keen but that you would also like a complete chain before making a commitment and ordering surveys and searches. Can they come back to you when the vendor has found somewhere...

It might just be that they're tight on their onward purchase and that the £4k will help them in negotiations. Saying what I've suggested leaves your offer on the table and it also opens you to upping the offer once they're in negotiations, but without committing to the extra cash fully until they've found somewhere.

You're never going to prevent someone from making another offer. The very nature of having more than one offer on the table is that people will bid against what is already on the table. You reduce that risk as you offer higher.

The £4k ultimately isn't going to make any meaningful difference to your mortgage payments, nor will you feel any pain from it in the long run. Sometimes the simplest answer is to offer what you'd be happy paying (that's a price you'd be ultimately gutted if you missed out on, rather than as little as possible).

Advice remains, however, not to commit to surveys and searches until they complete the chain. And to continue looking.

GDB2222

You are quite fortunate to have sellers who are being entirely frank. There are plenty who would let you spend money on survey and legal fees, then withdraw the house from the market or keep you hanging on for months until they are ready to move.

Be thankful that you have found decent, honest sellers. Leave them with the strongest possible message that you love the house and would love to buy it once they are in a position to sell. In the meantime, keep looking.

It’s perfectly reasonable that what the sellers want to do is move, not just sell their home.

Bossypants

Leave your offer on the table and keep looking. If they find their perfect house before you find an alternative, happy days, they can accept your offer and you can move forward. If you find somewhere else first and have an offer accepted there, good for you and too bad for them. IMO there is nothing to be gained from negotiating at this point, nor from issuing ultimatums. Leaving your offer on the table while continuing to look maximises your chances of a satisfactory outcome one way or another.